Trump and Xi Hold Talks in Beijing with No Major Trade Deal

President Donald Trump met Chinese President Xi Jinping in Beijing on Thursday for more than two hours of talks. Trump described the US-China relationship as "the world's most consequential economic relationship." The White House called the meeting "highly productive," and Trump, speaking at the Great Hall of the People, labeled it potentially "the biggest summit ever."

Xi said previous trade negotiations in South Korea had made progress, according to China's foreign ministry. He warned on Taiwan, however: "If mishandled, the two nations could collide or even come into conflict."

Elon Musk stepped off Air Force One ahead of senior US officials including Pete Hegseth, Marco Rubio and US Trade Representative Jamieson Greer. Musk and Nvidia chief Jensen Huang stayed close to Trump during the welcome ceremony. Musk and Huang represent key pressure points in US-China economic ties: electric vehicles, artificial intelligence and semiconductor microchips. Tesla relies on its Shanghai gigafactory and Chinese consumers, while Nvidia's chips face US export controls limiting China's access to advanced computing. Huang was not on the original delegation list.

No major trade deal or structural agreement came from the visit. Both sides noted continuity in the October trade truce, where Washington paused steep tariff increases on Chinese goods and Beijing eased rare earth export restrictions. The leaders agreed to establish a "Board of Trade" to manage ties without reopening tariff talks. US officials said much work remains to make it operational.

US Treasury Secretary Scott Bessent expected large Boeing orders during the visit, plus broader Chinese purchases of US energy and agricultural goods. Talks covered expanding Chinese market access for US companies and increasing Chinese investment in US industries. Beijing signaled more purchases of US agricultural and energy products. US farmers want greater Chinese access for soybeans, beef and poultry, but no firm details emerged.

Bessent tempered hopes for big agricultural advances, noting prior soybean commitments, but saw room for more US energy sales including LNG. Xi told US business leaders China's "doors will open wider" and American firms would have "broader prospects" in the market, per Xinhua. He called for expanded cooperation in trade, agriculture, healthcare, tourism and law enforcement, describing ties as "mutually beneficial" with "win-win results."

Beijing linked Taiwan directly to the economic relationship. Xi called the Taiwan question "the most important issue in China-US relations," per state media, and agreed to a "new positioning" for relations based on "constructive strategic stability." Technology remains the biggest divide. Trump said China could use its influence to urge Iran to stabilize Strait of Hormuz flows. Chinese accounts confirmed Middle East discussions, with few details.